Opportunity & Challenges
As the government announced demonetization of Indian high-value currency notes, India soon ground to a halt as payments became difficult in a hitherto ‘cash economy’.
Prior to demonetization, Indians used cash for upwards of 95% of all payments and 90% of the country’s vendors didn’t have the means to accept payments via alternate means. In this scenario, our client, a Delhi based company wanted to enable vendors & encourage people to be involved in fewer cash transactions and to use the electronic or plastic money to fulfil their day to day needs leading to a significant boost in the form for digital payments. There was a multi-fold increase in transactions from existing merchants and high demand from new merchants. Our client embraced this opportunity by offering a quick, easy and hassle-free payments solution to such businesses.
Collaborating with Estel enabled our client to offer merchants a low-cost MPOS solution.
A smartphone, combined with an Estel ‘s fully certified m-POS application & external card reader (connected to the phone via Bluetooth), turns the mobile phone into a secure POS terminal. This enables merchants to accept card payments, in the same way as traditional POS terminals, but at a fraction of the cost, with the added convenience of full mobility (Anytime, Anywhere)!
Our solution Supports Magnetic Swipe, EMV (chip & PIN), Contactless (Open/Closed Loop) Cards, enabling a merchant to accept almost all types of cards.
Our solution offered a certified ecosystem to Merchants with the ability to accept payments in multiple modes. It also reduced merchant identification, acquisition, onboarding time, which enabled our client to acquire thousands of merchants with significant transaction volume.